IntradayTrade dot Net dot IN
Market Report

Friday, 27-May-2016

NSE

  • The S&P BSE Sensex soared 286.92 points, or +1.09 per cent, to end at 26,653.60 today and Nifty50 surged 87.00 points, or +1.08 per cent, to end at 8,156.65 today. Nifty50 closed at highest mark since Oct 29, 2015. In broader markets, BSE Midcap index outperformed the larger peers and ended up +1.3%, however BSE Smallcap index under-performed and gained only +0.6%.

  • Markets gained for the fourth straight session with Nifty settling above the 8,150 levels comfortably supported by sustained buying across the board especially the index heavyweights like RIL, Infosys and HDFC. Above-normal monsoon forecast, better than expected Q4 numbers and strength in rupee bolstered the rally.

  • The Nifty50 rallied over 80 points to break its crucial psychological resistance level at 8,150 and formed another long bull candle on the daily candlestick charts today. The third consecutive bull candle led to the formation of a bullish pattern similar to 'Three White Soldiers', which is a bullish candlestick pattern usually formed after a period of consolidation. The Nifty50 broke out of a narrow range after five weeks of consolidation.

  • A neat 576-point rally on Wednesday, a 485-point bounce on Thursday and a 286.92-point surge on Friday. Nifty notched up 400-point gain in the past three sessions. Both Sensex and Nifty ended with the best weekly gains in three months.

  • The immediate hurdle for the Nifty50 is present at 8,172 and a failure to cross this level on a closing basis is likely to result in some consolidation for a brief period, maybe for a day or two, before the index aims for the 8,240 mark, said Mazhar Mohammad. The bulls continued to display their strength for the third consecutive trading session underlying strength in the new uptrend, which has commenced from the lows of 7,715, he said.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)